A Chinese company has bought Michelangelo’s painting ‘Crucifixion’ for an upcoming fractional ownership offering. What’s more intriguing is the company based in China is listed on the Nasdaq stock exchange and their primary business – at least up until this point in time, has been building materials.
It seems the company is shifting its focus from recycling bricks and concrete to the world of fine art. The company, Yulong, issued a statement saying they’ve reached an agreement to buy the painting for $75 Million and an interesting way to pay for it. The group will sell 7.5 million shares of the art for $10 apiece, effectively raising $75 million and securitizing the artwork.
Only a few months ago, the company also purchased the ‘Millennium Sapphire”, which is one of the rarest stones in the world. It’s interesting to see China increase it’s involvement in the art world from wealthy private buyers to now publicly traded companies in industries not related to the art industry.
So how can you get your piece of the Michelangelo work of art? Yulong’s executive chairman Daniel McKinney said they are opening up the opportunity “to anyone with a brokerage account.”